我国房地产融资方式的比较、选择与调整

央行121号文件发布以来,中央政府及具体职能部门一系列紧缩房地产银行信贷的政策和措施,拉开了我国房地产融资多元化发展的帷幕。本文分析与比较了目前我国存在的银行信贷、企业债券、企业上市、境外融资、投资基金和信托等主要的房地产融资方式运作的内在机理和宏观环境,以期正确选择和有目的地调整我国房地产融资方式。据此,提出我国房地产多元化融资在近期内应选择“银行贷款 房地产信托”和“银行贷款 房地产投资基金”两种模式。同时,为保障这两种模式的有效运作,应对银行内部资产负债互动机制的构建、投资基金法的确立和信托融资中不必要限制的解禁等方面进行调整。

Financing Patterns of Real Estate Industry in China: Compared, Selected and Adjusted

Since the issuance of 121 Document by the Central bank, central government and functional departments have adopted a series of policies and measures to tighten banking credit to real estate industry, raising the curtain of diversified financing by the latter. In this paper, in order to select and adjust their financing patterns, analysis and comparison are made of the internal mechanism and macro environment of major financing methods used by real estate industry such as banking loans, enterprise bonds, enterprise's IPO, overseas financing, investment fund and trust. On this basis, it is proposed that these two models of "banking loans real estate trust" and "banking loans real estate investment fund" should be chosen as their diversified short-term financing alternatives. At the same time, to make these two models effectively operational, it is necessary to establish an interactive mechanism for internal balance sheet, enact the law on investment fund and lift some unnecessary bans on trust financing.